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Economy

The West Has An Answer To China's New Silk Road — With A Lift From The Gulf

The U.S. and Europe are seeking to rival China by launching a huge joint project. Saudi Arabia and the Gulf States will also play a key role – because the battle for world domination is not being fought on China’s doorstep, but in the Middle East.

Saudi Crown Prince Mohammed bin Salman, Indian Prime Minister Narendra and U.S. President Joe Biden shaking hands during PGII & India-Middle East-Europe Economics Corridor event at the G20 Summit on Sept. 9 in New Delhi

Saudi Crown Prince Mohammed bin Salman, Indian Prime Minister Narendra and U.S. President Joe Biden during PGII & India-Middle East-Europe Economics Corridor event at the G20 Summit on Sept. 9 in New Delhi

Daniel-Dylan Böhmer

-Analysis-

BERLIN — When world leaders are so keen to emphasize the importance of a project, we may well be skeptical. “This is a big deal, a really big deal,” declared U.S. President Joe Biden earlier this month.

The "big deal" he's talking about is a new trade and infrastructure corridor planned to be built between India, the Middle East and Europe.

Indian Prime Minister Narendra Modi described the project as a “beacon of cooperation, innovation and shared progress,” while President of the European Commission Ursula von der Leyen called it a “green and digital bridge across continents and civilizations."

The corridor will consist of improved railway networks, shipping ports and submarine cables. It is not only India, the U.S. and Europe that are investing in it – they are also working together on the project with Saudi Arabia, Israel and the United Arab Emirates.

Saudi Arabia is planning to provide $20 billion in funding for the corridor, but aside from that, the sums involved are as yet unclear. The details will be hashed out over the next two months. But if the West and its allies truly want to compete with China's so-called New Silk Road, they will need a lot of money.

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